Monday, Mar 23, 2009
A bailout in Gordon's back yard
This is Money.co.uk: Building society to get £60m bailout package
The Government is understood to be putting the finishing touches to a £60m rescue package for Dunfermline Building Society, Scotland's largest mutual ... The bailout will be hugely embarrassing for Prime Minister Gordon Brown, whose Kirkcaldy and Cowdenbeath constituency is near Dunfermline's headquarters, and for Chancellor Alistair Darling, an Edinburgh MP. Dunfermline's problems could not have come at a worse time for Darling as he is set next month to signal strong support for mutuals such as building societies in a White Paper on strengthening the financial system.
Posted by quiet guy @ 10:02 PM (402 views) Add Comment
3 Comments
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1. inflation is eating my savings said...
I'm surprised at this one- always thought the Dunfermline was quiet and boring.
They never really went for crazy savings deals to pull people in, always seemed content to potter along.
Scary really.
2. Patrat said...
Does the fact that the big building societies such as Nationwide & Yorkshire refused to help out Dunfermline show that these large BSs are now in a weak position themselves?
3. techieman said...
Please can no one EVER lecture me on Scottish Prudence. In fact North of England prudence - now how are my Scottish Widows and Standard Life policies doing.......yuk!